Ann: Battery Minerals 121 Conference presentation, page-7

Graphite is over supplied at this point with SYR ramping production, Tho 2021 IMO is the key year for graphite and with fingers crossed BAT should be well into production.
I would expect to see something signed in the new financial year, due to tax purposes and production roughly a year after that.
Mozambique royalties are not as high as Tanzania and imo should give the Moz miners the upper hand in the market.
BAT would do well to focus on the spherical graphite due to SYRs ramping and possible market flooding in which will drive small flake prices down. They have no debt and seem to need CRs to keep afloat as per their punishing SP at this time.
Only time will tell but it still looks like a promising punt at these prices although im not expecting much movement until mid year.

GLTAH